The Australian insurance industry is competitive, with many insurers offering multi-policy discounts as a reward for their loyalty. By holding more than one policy with the same insurer - a kind of bundled insurance package - you can enjoy lower premium and other discounts. However, some people can get better value by comparing and selecting policies from multiple insurers.
Which funds offer multi-policy discounts?
Fund
Multi-policy discount
Apply
ahm members will get two months free pet insurance and can save 10% on their life & travel insurance. Members can also save up to 15% off car insurance or up to 30% off home and contents insurance from ahm Insurance when they join online.
Bupa members can get 10% off the cost of home insurance, car insurance, landlord insurance and pet insurance. Members can also save up to 15% on travel insurance.
Multi-policy discounts are premium discounts that an insurer offers you when you hold multiple policies with them. Designed to encourage customer loyalty, these discounts allow you to enjoy substantial savings across a wide range of insurance policies when you hold two or more types of cover with the same insurance provider. In some cases, the size of the discount may also increase based on the number of policies you bundle together.
For example, let’s say you already hold health insurance with Insurer A and comprehensive car insurance cover with Insurer B. Because these policies are with separate insurers, you pay the full premium for each type of cover.
But as a way to encourage you to switch car insurance providers, Insurer A offers a multi-policy discount of 10% off the cost of its own comprehensive car insurance policy. By switching insurers and holding two policies with the one company, you can enjoy a significant saving.
And if you also choose to move your home and contents insurance over to the same insurer, the discount on your comprehensive car insurance rises to 25%. It’s a win-win situation for you as a consumer since you still have the essential insurance cover you need, but at a reduced cost compared to what you would normally pay.
What kind of insurance policies can you expect to get a discount on?
While the policies that are eligible for a discount vary from one insurer to the next, you can commonly expect to find multi-policy discounts offered on the following types of cover:
However, not all insurers that provide multiple cover types will offer multi-policy discounts. These insurers claim that no discounts are available because their policies are already as affordable as possible. It’s important to make sure the savings offered by a multi-policy discount provide good value for money.
How much can you expect to save?
The size of any multi-policy discount varies between insurance providers, so it’s best to contact your insurer to find out the details of any special offer. However, multi-policy premium discounts generally range from 5% up to 25%.
The size of the discount may also increase if you bundle more policies with the same insurer or if you buy cover online. Read the fine print for full information on the maximum discount available.
Pros and cons of multi-policy discounts
Pros
Big savings. Multi-policy discounts allow you to keep more money in your pocket, providing premium savings of up to 25% per policy.
Essential cover. Bundling policies doesn’t affect your ability to ensure that you still have all the important insurance cover you need.
Easier to manage. When all of your essential insurance policies are with the same insurer, it can make it much easier to manage your policies and make claims.
Cons
They limit your choice. The policy that offers discounted premiums may not necessarily offer the right cover for you.
You still need to shop around. Just because a policy has discounted premiums doesn’t mean it’s the most affordable cover available, so make sure to compare your options and obtain quotes from multiple insurers.
What others types of loyalty bonuses are on offer?
Increasing benefits. Many insurers give you increased benefits on specific extras services when you maintain your membership for an extended period. Typically seen with services such as dental, physio, chiro and more, these rewards increase your benefit limit for each year that you retain your membership.
Cover for out-of-pocket hospital expenses. Simply by paying your premiums, your health fund may allow you to earn reward points that you can use to pay for out-of-pocket hospital expenses that your policy does not cover.
Discounted gym memberships. Membership in many health funds allows you to access cheaper memberships at partner gym and fitness chains.
Discounts at partner retailers. Many funds also provide discounts and special offers with a wide range of partner retailers, allowing you to save on everything from sporting goods to movie tickets.
Giveaways. Many health funds offer member-exclusive competitions to win electronic items or sporting goods.
Referral bonuses. You may earn a gift card for referring a friend who signs up to become a member of your health fund.
Why compare health insurance with Finder?
We don't ask for your phone or email to see prices.
With 1 click, you can open your results to nearly every fund in Australia.
You pay the same price as going direct – we charge no fees.
Depending on your age, you may be eligible for an
aged-based discount. This is used to estimate your
rebate.
Under 65
65 - 69
70 or older
What's your household's taxable income?
This is the combined income you and your spouse earn before tax. It's needed to calculate the correct Australian government rebate.
$93,000 and under
$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
What kind of health insurance do you need?
Combined (Extras + Hospitals)
Extras
Hospital
What level of hospital coverage would you like?
You can change this at any time later.
Legend
Covered
Restricted cover, You may be partially covered for
this category.
Not covered. Optional for insurer to include.
*Prices updated March 2024, in line with Finder's
database of health insurance policies. Prices are based
on a single individual with less than $93,000 income and
living in Sydney with a $750 excess.
What extras cover do you need? (Optional)
Select as many as you want or move to the next step
Preventative & general dental
Major dental & implants
Optical
Physiotherapy
Podiatry
Non-PBS pharmaceuticals
Chiropractic
Emergency ambulance
Remedial massage
Email me my results (optional)
To get a copy of your results for later, add your email below
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
This supermarket gift card hack can earn you points while you buy a new phone.
Feedback
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching health insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
